Monroe County's Industrial Development Agency has approved tax breaks for some major projects in Rochester.
One of the actions taken by COMIDA, the County of Monroe Industrial Development Agency, is to approve an agreement where the developers of the Midtown Tower project will pay just over $10 million in taxes spread out over a 20 year period. That's a lot less than the building would generate if it was fully assessed, but officials note there is nothing going on in that space right now, so the payment in lieu of taxes generates revenue that otherwise wouldn't be available.
Bret Garwood is the city's Director for Business and Housing Development. He says this tax agreement helps bring more than $54 million in investment for that 17 story building.
"We are excited about the amount of the investment here , the jobs being created, but the city will see substantial tax revenue beginning in year one on a property that we don't get any tax revenue now."
Developers Larry Glazer and Bob Morgan plan to put in 181 apartments at the site, along with office and retail space. It's hoped the project will be completed in the summer of 2015. On Tuesday COMIDA also approved tax breaks for Costco. The discount retailer plans to build a store that will be part of the city gate development at East Henrietta and Westfall Roads, a project which is expected to create 225 jobs.